The Game & Watch games are getting a renewal with the Game and Watch Gallery series of games for the Game Boy. They feature not only the original games, but new, modernized versions as well.
Soon enough, every toy company was copying the footsteps the Game and Watch left behind - such as Tiger Electronics and their Star Wars themed games.
Why they were superceded
Game and watches were eventually superceded by handheld games such as Game Boy. The game and watches had one flaw - each unit was only able to play essentially one game, due to the LCD display being pre-printed with the characters necessary for one game. Gameboys and other successors were able to play many different games, using a more flexible dot matrix display and plug in games cartridges.